Business
Acquisition of SM Continental S.A.
Acquisition of SM Continental S.A..
About this update from James Fisher And Sons Plc
[{"type":"text","content":"\n \nRNS Number : 1562I Fisher (James) & Sons plc 07 August 2019 \n\n7 August 2019 \n \n \nJAMES FISHER AND SONS PLC (FSJ.L)\n \nACQUISITION OF SM CONTINENTAL S.A.\n \nJames Fisher and Sons Plc (\"James Fisher\" or \"the Group\") announces the acquisition of 60% of the share capital of Continental Participação E Administração Ltda., the holding company of Serviços Marítimos Continental S.A. (together \"Continental\") for a total cash consideration of £7.5m, £4.9m payable on completion and £2.6m payable in January 2022. \n \nContinental is an established air diving service provider to the offshore oil sector in Brazil. Based in Macaé, Rio de Janeiro State, Brazil, Continental provides inspection, repair and maintenance (\"IRM\") services to offshore oil terminals, primarily FPSOs. Between 2016 and 2018 the average annual earnings before interest, tax, depreciation and amortisation of Continental were £3.1m. \n \nAfonso Ritzmann will continue as Managing Director of Continental, and retains a 40% interest which is subject to a put and call option which can be exercised between 2022 and 2026. The option prices are based on a multiple of average earnings at the time and are capped.\n \nNick Henry, Chief Executive Officer of James Fisher, said \"The acquisition of Continental in Brazil increases our presence in this important and growing market for subsea services. The combination of Continental's reputation for safety and reliable service delivery and James Fisher's more extensive IRM capabilities provides strong opportunities in one of the Group's key geographic growth markets. We look forward to working with Afonso and his team in driving this forward\".\n \n \n \nE C Hambro Rabben & Partners has acted as corporate adviser to James Fisher and Sons plc.\n \nContacts:\n \n\n\n\nJames Fisher and Sons plc\n\n\nNick Henry\n\n\nChief Executive Officer\n\n\n020 7614 9508\n\n\n\n\nEC Hambro Rabben & Partners\n\n\nEivind Rabben\nPeter Donald\n\n\n \n\n\n020 7355 4100\n\n\n\n\nFTI Consulting\n\n\nRichard Mountain\n\n\n \n\n\n0203 727 1340\n\n\n\n \n\nThis information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Ter...